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Quincy outlines vacant-anchor incentive results after Target, Raising Cane's openings
Summary
City staff gave an update showing two vacant-anchor incentive agreements in place — including redevelopment of the former Kmart to Target — and presented figures showing rising property values and tax receipts tied to the project.
City staff presented an update on Quincy’s vacant-anchor retail incentive program, reporting that the city has signed two incentive agreements and detailing the fiscal impacts of redeveloping large former retail sites.
The presentation said the incentive program includes a vacant-anchor award worth up to $1,000,000 and that the developer of the former Kmart property became eligible for reimbursement of up to $1,000,000 over 10 years, with reimbursements tied to gross retail sales at the new big-box retailer only. The city has two active agreements, including one with a developer for the former Kmart site (Target) and an earlier agreement with the developer of the former Sears store (now Dunham’s Sports).
Staff said the developer purchased the former Kmart property in May 2022 for about $4,100,000 and that a $6,200,000 building permit was issued for the new Target in July 2022. Target opened in August 2023; staff reported 130 employees at Target as of December 2023. A $2,600,000 building permit was issued in September 2023 for a Raising Cane’s restaurant, which staff said opened in October 2024. According to the presentation, the developer has received approximately one-third of the $1,000,000 vacant-anchor incentive based on sales to date.
Staff showed taxable-value trends for the site: staff said the lot’s net taxable value, which had been roughly $1.7–1.8 million before redevelopment, was assessed at about $1.8 million for taxes due the year covered in the presentation and will sit at about $3.7 million for taxes due this year (the figure does not yet include the Raising Cane’s building, which will be added for the year payable 2026). That increase, staff said, has translated into higher property tax receipts for taxing bodies: the presentation reported the Quincy School District received about $70,000 in property tax based on the earlier value and would receive about $144,000 based on the new value; the city’s share was reported to rise from roughly $17,000 to about $33,000 (figures presented exclude the Raising Cane’s parcel until it is added to the tax roll).
City staff emphasized the program’s purpose: to fill vacant anchors (defined in the presentation as 50,000 square feet-plus stores), restore sales-tax-generating retail, create jobs and attract additional retailers. The presentation noted the city relies heavily on sales tax — roughly 50% of general-fund revenue, per the slides — and that filling anchor vacancies supports employment and property-tax revenue for other taxing districts.
Questions from council members were invited; staff said they would email the presentation to council members the next day and that site-plan reviews for two additional commercial buildings east of Raising Cane’s have been completed though the owners had not moved forward with those buildings as of the presentation.
The presentation did not propose new legislation during the meeting; it described existing incentive agreements and reported the city’s current reimbursement status and observed tax impacts.
